Schools like Davidson, Butler, Loyola Chicago and St. Peter’s are forever remembered for their unlikely, yet heroic, runs in the NCAA’s March Madness Tournament. These mid-major schools toppled some of college basketball’s giants, including programs like Michigan State, Kentucky and Purdue. These small programs always had a disadvantage, having to roster teams with smaller and less touted recruits, yet they were able to compete and win. This was possible because of restrictions regarding recruiting and transferring schools. Because of these restrictions, coaches at smaller schools were able to seek out talented, under-recruited players and develop them over time.

Players who transferred had to sit out one full academic year, which discouraged constant movement and forced players to commit to their programs. These rules created stability and allowed coaches to build systems and train players without the constant fear of losing them. Instead of constantly rebuilding, mid-major programs could grow together, improve and compete with schools that had far more resources.

There is no better example of this than Brad Stevens and Gordon Hayward at Butler University. Butler has an enrollment of just under 6,000 students, but Stevens was able to build a competitive program from 2007 to 2013. He reached the NCAA Championship game twice, in both 2010 and 2011, an almost unthinkable accomplishment for a school of its size. He did so behind players like Hayward, who was under-recruited out of high school but developed into a star. During his freshman season, Hayward averaged 13 points per game, immediately showing his potential. By his sophomore year, he had taken another leap, becoming the focal point of Butler’s offense and one of the most impactful players in the tournament.

That year, Hayward helped lead Butler to the National Championship game against the Duke Blue Devils men’s basketball team. In the final moments, his potential game-winning half-court shot hit the backboard and rim before bouncing out, and Butler fell just two points short, 61–59. It was one of the most memorable moments in tournament history—not just because of the shot, but because of what Butler represented.

Following the season, Hayward declared for the NBA draft and was selected ninth overall by the Utah Jazz. Butler returned to the championship game the following year but again fell short. While they never finished the job, they were the epitome of a Cinderella story. Each year, there were teams like Butler, because coaches could create systems, develop players and trust that their rosters would stay intact long enough to grow into something special.

Now, that system is gone. The recruiting and transfer restrictions disappeared with the introduction of NIL, which allows players to earn money from their name, image and likeness. At the same time, the transfer portal allows players to move freely from school to school without penalty. Together, these changes have fundamentally reshaped college basketball. What was once a system built on development and continuity is now driven by mobility, opportunity, and money.

For mid-major programs, this is a major problem. These schools already struggled to recruit top players out of high school. Now, even when they identify and develop talent, they often cannot keep it. A breakout player at a smaller school is no longer the foundation of a multi-year run—he is a target for a larger program offering more exposure, better resources and often significant financial incentives.

The results are already visible. This year’s Final Four featured Michigan, Arizona, UConn and Illinois—programs from major conferences, with two No. 1 seeds, a No. 2 seed and a No. 3 seed. There is virtually no variety, whereas in previous years there was far more unpredictability. In Butler’s second run to the championship in 2011, the Final Four consisted of UConn, Butler, Kentucky, and Virginia Commonwealth University—seeds three, four, eight and 11, including two mid-major schools. That kind of representation is becoming increasingly rare.

The difference is even clearer when looking at player movement. Out of the 2011 Final Four teams, only a small number of starters were transfers, showing that players typically began and finished their careers at the same school. Compare that to this year’s Final Four, where 12 of the 20 starters began their careers somewhere else. The sport has shifted from long-term development to constant roster turnover, where teams are rebuilt year by year rather than grown over time.

Coaches of mid-major schools cannot compete with major programs because their success often leads to their best players leaving for bigger opportunities. March Madness has been, and still is, considered the greatest tournament in sports. It is the greatest largely because of the unpredictability and excitement each game entails. For years, it has been the kind of tournament where on any given day any team can win. That excitement is in jeopardy with the abolishment of the recruiting and transfer restrictions, and that is why the Cinderella story is dead in March Madness.